You have decided to draft your will. After consulting with your solicitor to discuss your needs and receive tailored advice, you are presented with a draft of your will for review. However, you may encounter terms within the document that are unfamiliar. This guide aims to clarify those terms and eliminate any uncertainty regarding their meanings.
Why is jargon used in wills?
Legal terms are used in formal documents to ensure clarity. A will is a formal document. The terms used form a kind of shorthand to save lengthy explanations or repetition throughout the document. They are also used to avoid ambiguity to those who need to interpret the document.
Terms relating to people
Let’s look, first of all, at the people mentioned in a will.
The testator
The testator is the person who makes the will. If you are making the will, you are the testator.
The executor
The executor is the person (or organisation) you appoint to deal with the administration of your estate. They are responsible for identifying the assets and debts of the estate. The executor must apply for Probate (the formal authority allowing them to deal with the estate). They need to deal with any Inheritance Tax issues. Finally, they must distribute the estate following the directions expressed in the will.
You can have more than one executor and they can either act jointly or as substitutes should one or more of their number die before you do.
Beneficiaries
These are the people (or organisations) who you have decided will inherit a share of your estate after your death.
Trustee
Sometimes a trust is set up within a will. The person who manages the trust is called a trustee. There may be one or more trustees.
Issue
When this term is used in a will, it refers to the children, grandchildren and great grandchildren and other descendants named or referred to in a will or who have an entitlement to inherit.
Guardians
If you have children who have not reached majority, you can appoint a guardian to look after their affairs.
Terms relating to money and property
Within the will, there will be terms relating to the property and money belonging to the testator.
Estate
This is a list of all the assets you own less the debts or other liabilities due. Sometimes this is called the net estate.
Assets
These are the items of value the testator owns. They are made up of property, cash and investments.
Chattels
This is another term relating to property. In this case it means an item of personal property that can be moved around. Examples of this might be personal belongings or effects, furniture or a car.
Legacy
A legacy is a gift made in a will and covers all types of property, personal items and cash.
Residue
The residue in a will is everything that is left in the estate after debts, bequests and legacies have been dealt with.
Life Interest
This is a term used when the testator decides to allow someone to use an asset during their life but where they do not receive ownership. This is commonly used in relation to a property.
Legal terms are widely used in wills to ensure their meaning is clear and unambiguous. If you find a word or phrase in a will you do not understand or if the meaning is unclear to you, you must ask your solicitor to explain it to you.
Our friendly wills team will always be happy to explain the meaning of words or phrases you might not understand and will always be on hand to answer any questions you may have.
